reports
- Jan Frederik Slijkerman
TMT Picks & Pans/July 2024 update
In this note we again highlight what we identify as attractive opportunities in the TMT credit space. Our picks and pans for TMT are largely unchanged since our update of 9 February, although the first half of 2024 has been quite eventful - especially for SES, but also for Equinix. SES has announced an agreement to acquire Intelsat, while Equinix has faced allegations of misreporting. Despite the upgrade to IG and some tightening of its notes YTD, we continue to like Cellnex. The combination of ...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
Coffee, Croissants & Credit/Equinix, RELX, Telecom Italia, Orange, Ver...
Technology: Equinix reports strong FY23 results. RELX reports strong FY23 results. Telecom: Telecom Italia reports solid FY23 results. Orange reports solid 2Q23 results. Verizon liability management exercise. Real Estate: Klepierre FY23 – Strong 2023, slightly softer 2024 guidance. Gecina FY23 – No negatives. What's going on in EUR credit: - Financials spread tightened by 1bp, outperforming Corporates that remained unchanged. - Among the best performers, with a 1bp compressio...
- Eric Monnier
- Jan Frederik Slijkerman
Reverse yankee TMT bonds/Liquidity in core European telecom operators ...
Reverse yankee TMT issuers Verizon, AT&T, IBM and Equinix have offered, over time, some attractive diversification trades out of core European telecom issuers. However, these trades have lost most of their appeal. Generally speaking, the spreads of Orange offer better value than those of Verizon and AT&T, given its better liquidity in the euro bond market. In this note we briefly highlight the current credit profile of the US issuers and provide relative value context. We have a preference for V...
- Alyssa Gammoudy
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Nadège Tillier
- Suvi Platerink Kosonen
- Timothy Rahill
- Andreas Johannessen
- Andreas Johannessen
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